CHANEL BUYS RODEO DRIVE BUILDING FOR $152 MILLION, RECORD $13,000+ PER SQUARE FOOT.

The following is a list of the ten most expensive commercial real estate purchases in LA County. The list was compiled from information provided by CoStar, and includes buildings in multifamily, retail and office categories. Transactions include property sold only between October 1 and December 31, 2015.

1. WOODLAND HILLS: The Motif (395 units)
21021 Erwin St., Woodland Hills, CA 91367
$163 MILLION

Google Street View (Shown with old "The Millennium" sign. The new owners have changed the complex's name to "The Motif.")

Buyer: TruAmerica Multifamily & Intercontinental Real Estate Corp.
Total space: 474,000 sq. ft.
Price per square foot: $343.88 (Price per unit: $412,658)
Year completed: 2015
Date sold: 12/21/15
Category: Multifamily

In the largest CRE transaction in the fourth quarter in Los Angeles, TruAmerica in partnership with Intercontinental Real Estate Corp. purchased a recently constructed apartment complex in Woodland Hills for $163 million. The Motif is in the Warner Center area, nearby Woodland Hills’ high rises and Westfield Topanga center.

2. BEVERLY HILLS: Chanel S.A.
400 N. Rodeo Dr., Beverly Hills, CA 90210
$152 MILLION

Buyer: Chanel, Inc.
Total space: 11,500 sq. ft.
Price per square foot: $13,217
Year completed: 1955
Date sold: 12/02/15
Category: Retail

At $13,000 per square foot, this is a record price for any real estate in Southern California. The previous record of $10,400 per square foot was set in 2013 when Louis Vuitton’s CEO purchased a building on Rodeo Drive. Chanel had been previously leasing the building, which it occupied. It is looking to possibly expand operations to the adjacent structure, which it also owns.

3. DOWNTOWN: The Roosevelt (221 units)
727 W. 7th St., Los Angeles, CA 90017
$100.9 MILLION

Buyer: The Blackstone Group
Total space: 332,832 sq. ft.
Price per square foot: $303.03 (Price per unit: $427,928)
Year completed: 1926, renovated 2010
Date sold: 12/08/15
Category: Multifamily

The Roosevelt apartment in Downtown LA was part of a national multifamily portfolio that Greystar sold to Blackstone for over $2 billion. The portfolio is composed of 32 apartment communities totaling over 10,000 units.

4. SANTA MONICA: Building on Third Street Promenade
312 Arizona Ave., Santa Monica, CA 90401
$96.3 MILLION

Buyer: American Realty Advisors
Total space: 52,981 sq. ft.
Price per square foot: $1,817
Year completed: 1924
Date sold: 12/10/15
Category: Retail

The building at 312 Arizona Ave lines the Third Street Promenade, one of the premier shopping streets in Los Angeles County. Some of its tenants include Victoria’s Secret, Brookstone and WeWork. It also has 32 studio and one-bedroom apartment units. The structure was renovated in 2015.

5. WESTWOOD: Occidental Petroleum Center
10889 Wilshire Blvd., Los Angeles, CA 90024
$92.5 MILLION

Buyer: UCLA
Total space: 463,604 sq. ft.
Price per square foot: $199.52
Year completed: 1962
Date sold: 10/27/15
Category: Office, Class A

UCLA already leases space for the Hammer Museum on the first floor, but thought it was more economically viable to buy the building. The university will expand the museum to the lower five floors of the building under a 99-year lease. The university will only be able to occupy 161,000 sq. ft. on 10 of the main building’s floors. The seller, Occidental Petroleum Corporation, has chosen to relocate its headquarters to Houston.

6. DOWNTOWN: One Bunker Hill Building
601 W. 5th St., Los Angeles, CA 90071
$92 MILLION

Buyer: Rising Realty Partners
Total space: 242,200 sq. ft.
Price per square foot: $379.85
Year completed: 1930, renovated 1993
Date sold: 10/06/15
Category: Office, Class A

One Bunker Hill Building is an Art-Deco building constructed in 1930 and was once home to Southern California Edison. It was designed by the same architects who designed Royce Hall at UCLA.

7. PANORAMA CITY: Panorama Mall
8401 Van Nuys Blvd., Panorama City, CA 91402
$90.9 MILLION

Buyer: Primestor Development
Total space: 144,952 sq. ft.
Price per square foot: $626.78
Year completed: 1955, renovated 1980
Date sold: 11/20/15
Category: Retail (Community Center)

Santa Monica-based Macerich Company sold this property to Downtown LA-based Primestor Development in November. The property is anchored by La Curacao and Walmart (not included in the sale).

8. HOLLYWOOD: VIDA Hollywood Apartments (345 units)
1745-1750 N. Wilcox Ave., Los Angeles, CA 90028
$88.5 MILLION

Buyer: Waterton Associates
Total space: 237,212 sq. ft.
Price per square foot: $373.08 (Price per unit: $256,522)
Year completed: 1988, renovated 2008
Date sold: 11/23/15
Category: Multifamily

The Vida apartments are a very convenient choice to renters looking for an apartment in Hollywood. It is close to a Metro station stop and a half mile away from the 101 freeway. It is blocks away from the Hollywood Walk of Fame and Hollywood & Highland Center.

9. HACIENDA HEIGHTS: Hills at Hacienda Heights (350 units)
2401 S. Hacienda Blvd., Hacienda Heights, CA 91745
$81.5 MILLION

Buyer: MG Properties Group
Total space: 270,100 sq. ft.
Price per square foot: $301.74 (Price per unit: $232,857)
Year completed: 1970, renovated 1999
Date sold: 11/23/15
Category: Multifamily

Finishing the top is the Hills at Hacienda Heights apartment complex, which contains 350 units and is spread out over 10 acres. Like the Hollywood apartment property mentioned above, it closed on November 23.

10. DOWNTOWN: 800 Wilshire Tower
800 Wilshire Blvd., Los Angeles, CA 90017
$81.3 MILLION

Buyer: Omni Group
Total space: 226,797 sq. ft.
Price per square foot: $358.25
Year completed: 1972, renovated 1992
Date sold: 11/05/15
Category: Office, Class A

Finishing the Top 10 list is 800 Wilshire Tower, which was purchased by Vancouver-based Omni Group in November. It is strategically located in the heart of Downtown’s Financial District. Interestingly, 800 Degrees Pizzeria is located on the ground floor of this building, located at 800 Wilshire Blvd.

The 10 Most Expensive Commercial Real Estate Transactions in LA County – Fourth Quarter 2015

COMMERCIAL BROKERS INTERNATIONAL